2025 年7 月17 日，宁波银行披露2025 年半年度业绩快报，宁波银行营收利润增速均实现环比上升，不 良保持低位稳定，拨备小幅上升，在二季度外部环境不确定性增强的情况下仍表现优异。 宁波银行营收利润增速均实现环比上行。2025 年上半年公司实现营业收入增速7.9%，环比提升2.3pct， 归母净利润增速8.2%，环比一季度提高2.5pct。 投资建议：宁波银行属于积极进取的银行，长期以来坚持实施"大银行做不好，小银行做不了"的策略， 深耕优质经营区域，信贷规模增速高于行业，在宏观经济活跃度高时候获得了超额alpha。近两年，由 于名义GDP 增速下行，新增高收益资产减少，存量高收益资产风险暴露增加，公司的策略优势有所收 敛，业绩增速从之前的行业前茅退回到行业中上游水平。但这种退回是务实的，因为我们看到了公司通 过加大不良处置实现了不良低位稳定，拨备水平依然维持行业前列，债券收益兑现审慎，这都为中长期 业绩提供保障。 展望2025，财政发力，宏观经济活跃度有望提升，公司经营策略的alpha 会再回归，业绩增速有望重回 两位数和行业前列。建议积极关注。 风险提示：经济恢复不及预期；资产质量恶化超预期。 预计 ...

Core Viewpoint - Tianjian Co., Ltd. (SZ301383) reported a significant increase in both revenue and profit for the year 2024, indicating strong financial performance and growth potential. Financial Performance - The company's operating revenue for 2024 was 2.23 billion yuan, representing a year-on-year increase of 26.85% compared to 1.76 billion yuan in 2023 [1] - The net profit attributable to shareholders was 211.75 million yuan, up 55.59% from 136.10 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses was 165.15 million yuan, reflecting a 31.17% increase from 125.91 million yuan in 2023 [1] - Basic earnings per share were 1.30 yuan, a rise of 35.42% from 0.96 yuan in 2023 [1] Profitability Metrics - The gross profit margin for 2024 was 18.77%, a decrease of 1.54% year-on-year [2] - The net profit margin improved to 9.55%, an increase of 1.77% compared to the previous year [2] Expense Management - Total operating expenses for 2024 amounted to 212 million yuan, an increase of 29.65 million yuan from the previous year [2] - The expense ratio was 9.50%, down 0.86% from the prior year [2] - Sales expenses rose by 45.36%, while management expenses increased by 38.68% and R&D expenses grew by 12.69% [2] Employee Statistics - The total number of employees at the company as of the end of 2024 was 3,111, an increase of 34 from 3,077 at the end of 2023 [4] Executive Compensation - Total compensation for directors, supervisors, and senior management in 2024 was 9.94 million yuan, with the highest-paid executive being the Deputy General Manager and Secretary of the Board, who received 1.49 million yuan [5]